BYD has both the spirit of science and craftsmanship and if the two are combined, it can become an ace, said Chinese Premier Li Keqiang.

(Image credit: BYD)

Chinese Premier Li Keqiang visited BYD's global headquarters in Shenzhen today and encouraged the largest local new energy vehicle (NEV) maker to become even stronger.

"Instead of taking administrative approaches, we rely on market competition and the survival of the fittest to create a few aces. BYD's new energy vehicles have to compete to be an ace," Li said, according to information shared by BYD's WeChat account.

"BYD has both the spirit of science and the spirit of craftsmanship. If you combine these two, you can be an ace," Li said, adding, "I'm not here to advertise for BYD, I'm here to speak out for NEVs."

The Chinese government offers equal support to all companies, and BYD, as a private company, enjoys the same policy support, said Li.

BYD must cooperate internationally and open up to the world, Li said.

NEVs are performing brightly in consumption, and China will continue to implement preferential policies so that producers and operators can have more incentives and consumers can buy more, Li said.

Below are pictures posted by BYD of Li's visit to the company's headquarters and factory.

China's current policies to support the NEV industry include exemption from purchase tax and the provision of purchase subsidies.

The purchase tax exemption for NEVs was set to expire at the end of this year, but Li said at a State Council executive meeting in late July that the policy would be renewed next year.

Previously, China had renewed the offer several times before the purchase tax exemption expired.

China's purchase subsidies for NEVs are also set to expire at the end of this year, and there is no expectation that the policy will be renewed.

BYD contributes 32.7% of China's NEV sales in July